Kerkez is due to travel to Merseyside for a medical before completing his move to the Premier League champions.
The 21-year-old caught Liverpool's eye last season with his fine form for Bournemouth, including two goals and five assists in 38 Premier League appearances.
Liverpool sporting director Richard Hughes brought Kerkez to Bournemouth from AZ Alkmaar during his time at the Vitality Stadium.
Serbia-born Kerkez began his career at Hungarian outfit Gyor before moving to AC Milan, where he failed to make an appearance for the Serie A club.
He joined Dutch side AZ Alkmaar in 2022, arriving in the Premier League with Bournemouth a year later.
Kerkez's impending arrival at Anfield raises questions about the future of Liverpool left-back Andrew Robertson, who has been linked with Atletico Madrid.
Kerkez will become Liverpool's latest signing in a busy summer transfer window for boss Arne Slot.
The Reds have already secured the signature of Netherlands right-back Jeremie Frimpong from Bayer Leverkusen to replace Trent Alexander-Arnold, who has joined Real Madrid.
Liverpool are also on the verge of signing Leverkusen's Germany playmaker Florian Wirtz after reportedly agreeing a fee that could rise to a British record £116 million.
Wirtz is believed to have undergone a medical with Liverpool on Friday ahead of the official confirmation of his transfer.
Read about that deal and other major transfer news from around Europe here.